MELBOURNE, Australia, Feb. 11 /PRNewswire/ -- Standard & Poor's today
assigned its 'A-1' preliminary rating to the first commercial paper conduit to
be backed by nonconforming loans in Australia and New Zealand.
The A$1 billion commercial paper program, Liberty CP Trust 2002-1, will
acquire Australian and New Zealand dollar housing loans and motor vehicle
loans to borrowers who generally do not satisfy the underwriting criteria of
traditional lenders and who may have a higher risk profile. The originator of
the loans in the portfolio is Liberty Financial Pty Ltd., which is the only
nonconforming and subprime loan originator in Australia with rated
securitization programs to date, having completed three term residential
mortgage-backed securities (RMBS) transactions. Liberty Financial is the
servicer for all of its own securitization programs.
Since incorporation, Liberty Financial has experienced strong growth in
residential mortgage loans it offers to nonconforming and subprime borrowers.
It has partially funded its growth through the issuance of RMBS rated by
Standard & Poor's. Liberty Financial is now broadening its product range to
nonconforming and subprime motor vehicle loans and expanding its lending to
the New Zealand market.
SOURCE Standard & Poor's
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CONTACT:
Fabienne Michaux, Melbourne, (61) 3-9631-2050
or Vera Ha, Melbourne (61) 3-9631-2058
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